We can see, that Bitcoin had three major bull runs: One from 0.05 USD to 30 USD, another one from 2 USD to 1100 USD and the last one from 200 USD to 20k USD. Each time after the bull run, the price declined massively. The ATVWAP shows some interesting insights for Bitcoin’s price action during the declines. In one of the three price declines, the ATVWAP was very close to the actual bottom. In January 2015, the ATVWAP was at 210 USD and Bitcoin’s price bounced from the 200 USD level. In 2011 and 2018 however, the price went below the ATVWAP, so it cannot be considered a clear bottom for every major price decline. In 2011, the ATVWAP went as high as 6.7 USD after the bull run, but Bitcoin’s price went down to 2.2 USD. So, if you would have bought at the first time Bitcoin hit the ATVWAP, the price would have declined another 67%. A decline after Bitcoin’s price hit the ATVWAP level also happened in 2018, where the ATVWAP was as high as 4850 USD while Bitcoin hit its (temporary?) bottom at 3120 USD.